Affordable Health Insurance

Over the years, Health Savings Account plans were never offered to public employees. With the recently passed legislation, a health savings account option with a qualified high-deductible HSA health plan is now available to public employees, too. This law allows state workers to have more control over their health care costs and their savings.

To be used with an HSA, health insurance must have an annual deductible of at least $1,200 for individuals and annual out-of-the-pocket expenses are limited to $5,950. Like most high-deductible HSA plans, these policies are considerably less expensive than most co-pay plans. In addition to a way to save on health insurance premiums, HSA plans offer another advantage. You can set aside money in your Health Savings Account tax free and earn tax-free interest on it. If you need it for qualified medical expenses, just withdraw it to pay bills and it’s still tax free. If you don’t need it, let it grow until you retire and then you can spend it for anything you like. You will have to pay taxes on it then if you use it for anything other than qualified medical care, but you can keep the tax-free advantage and continue to use it for qualified health care. That includes a wide range of services, such as alternative medicine, dental, physical therapy, and a lot more. HSA plans are available from the leading insurers, including Aetna, Blue Cross Blue Shield, Cigna, Humana, Nationwide, and many others. It’s easy to compare premiums with our instant quote engine and you can find lots more resources here to help you decide whether an HSA plan is right for you.

Similar Posts:

• Saving with a Health Savings Account: Getting Started
• Health Savings Accounts Are A Great Option For Employers
• Health Savings Accounts: What You Need to Know Before You Enroll
• Health Savings Account Tax Tip
• Get A Health Savings Account Before It’s Too Late